Excessive Fee Litigation Settlements

ERISA Liability Risk is Rising, Your Plan May be Vulnerable

>> In 2023, the average settlement was $8.4 million.

Protection Matters for Plans of All Sizes

Fiduciary responsibilities for employee retirement plans carry risk and can expose plan sponsors and company officers to potential lawsuits. Recent settlements have reached millions of dollars, impacting companies through financial exposure, brand reputation damage, recruitment challenges and client relationship strain.   

Most common claims:
• Excessive fees
• Poor investment performance
• Improper fund selection

Don't wait for litigation. Assess and protect your plan today.

Review Your Risk Profile

ERISA Protection in One Package

1. Industry-leading benchmarking report to show fee reasonableness determination

2. Complimentary fiduciary liability insurance review and discounted fiduciary liability insurance coverage

3. Fiduciary training for committee members

Offered by three industry leaders, this integrated solution delivers the proactive and reactive protection plan sponsors need—going beyond typical Director and Officer coverage to specifically protect against plan litigation and DOL audit risk. 

Strengthen Your Fiduciary Protection →

 

YOUR SOLUTION

A Three-Part Approach that Protects Against Plan Litigation and DOL Audit Risk

Services Offered by Each Company:

Fiduciary Decisions

FDI is the industry's gold-standard for benchmarking, providing actionable decision support systems to the retirement industry.

WHAT YOU WILL GET

Best practices indicate that plan sponsors should benchmark their retirement plans when switching providers, implementing new fees, or experiencing significant changes in assets or participants. Regardless of plan size, regular benchmarking ensures your plan maintains competitive services and fees, a critical component of fiduciary responsibility.

THIS OFFERING INCLUDES

✓ The FDI Value and Fee Benchmarking Report with FEEPOINT® Calculation

✓ FDI delivery of report to the committee and support for questions

✓ Follow-up FDI Memo highlighting specific details of the report and summarizing the committee review call

ADVANTAGES

FDI has a five-step patented* methodology assists fiduciaries in understanding their plans reasonableness and offers risk mitigation against DOL audit and litigation.

*FDI Patent #11816735

Encore Fiduciary

Encore Fiduciary offers market-leading fiduciary liability insurance and expertise.

WHAT YOU WILL GET WITH FDI REPORT PURCHASE/SUBSCRIPTION

✓ A review and verification of your plan’s fiduciary liability insurance policy to ensure it follows best practices, along with recommendations for potential coverage improvements.

IF YOU QUALIFY, UPON PURCHASE OF FIDUCIARY LIABILITY INSURANCE

✓ Encore Fiduciary will provide its fiduciary enhancement coverage for any plan that subscribes with Fiduciary Decisions’ services. This includes enhanced fiduciary breach and plan administration coverage and expanded fiduciary penalties coverages.

✓ 10% discount on fiduciary premiums for any plan sponsor that conducts annual benchmarking with Fiduciary Decisions

✓ An additional 10% discount for any plan sponsor who successfully completes Fi360 Fiduciary Essentials for Defined Contribution Plan training.

ADVANTAGES

The Encore Fiduciary policy provides an excellent scope of coverage to protect the plan and individual fiduciaries from personal fiduciary liability. AM Best rating of A+.

Fi360

Fi360, A Broadridge Company, has trained thousands of retirement industry professionals in fiduciary best practices, building confidence and ensuring compliance.

WHAT YOU WILL GET

✓ Broadridge Fi360 will provide one complimentary Fiduciary Essentials for Defined Contribution Plans (FEDC) online course to help a plan fiduciary committee member understand their important role as a fiduciary and how to carry out these fiduciary responsibilities.

✓ Additional committee members can participate in the training for just $149 (a 40% discount from the regular price of $250).

ADVANTAGES

Fi360's easy-to-use, online course helps fiduciaries gain the knowledge they need to protect their retirement plans and participants.

 

BENCHMARK YOUR PLAN: Industry Best Practices

Large Plans ($100M+) Smaller Plans (Under $100M)
✓ Annual benchmarking recommended ✓ Benchmark every 3-5 years
✓ More efficient than RFP process ✓ Provides regular protection intervals
✓ Cost-effective protection ✓ Maintains compliance standards

 

POWERFUL BENEFITS FOR YOUR PLAN AND YOUR PARTICIPANTS

Expert Benchmarking by Fiduciary Decisions

• Compares fees against quality, value, service and extras received
• Validates plan competitiveness by providing plan design and outcomes data
• Documents prudent decision-making
• Reduces plan litigation and DOL audit risk

Industry-Leading Protection

• Premier fiduciary liability coverage from Encore Fiduciary
• Best-practice training from Fi360, a Broadridge Company

Maximize Your Plan Protection →

COMPREHENSIVE PROTECTION, BUNDLED PRICING

Save with our Triple Advantage Package

✓ Complete protection and fiduciary risk coverage
✓ Streamlined, documented process
✓ Industry's most trusted providers
✓ Additional annual subscription savings

Get Your Custom Quote →

Fiduciary Decisions' Proprietary Database

Proprietary Database

We've worked with service providers to build the broadest, deepest, most accurate database in the industry.

Plans

375,000+ Plans
All Market Segments
(53% of Plan Universe)

nestegg

$71 Trillion in Plan Assets
160+ Recordkeepers
1000s of Advisors

About Us

Fiduciary Decisions
About Fi360, A Broadridge Company
enc fid-3
About Fiduciary Decisions

Founded in 2008, Fiduciary Decisions is the industry leader for independent, comprehensive, and actionable decision support systems for the retirement industry. Grounded in unparalleled data, technology, and innovation, we work side-by-side with you to ensure the best possible retirement decisions for you and your clients. Fiduciary Decisions’ flagship product is the Value and Fee Benchmarking with FEEPOINT® calculation report, which is considered the gold standard for determining fee reasonableness for defined contribution plans.

At Fiduciary Decisions, our goal is to collaborate with and strengthen all constituents of the retirement industry, helping service providers and plan sponsors, as well as plan participants and investors make fact-based decisions for successful retirement outcomes.

About Fi360, A Broadridge Company

Broadridge Fi360 helps individuals and organizations use prudent fiduciary practices to profitably gather, grow and protect investors’ assets. Since 1999, Fi360 has been providing innovative solutions to financial services providers, including the AIF® and AIFA® Designation programs, the Fi360 Toolkit software, the Fi360 Fiduciary Score® and Fiduciary Essentials® training.

About Encore Fiduciary

Encore (formerly Euclid) Fiduciary is a premier fiduciary liability insurance underwriting company. We protect America’s employee benefit plan sponsors based on our superior fiduciary expertise and experience. We are known as fiduciary liability thought leaders and advocates for America’s plan sponsors. Starting in 2011, Encore Fiduciary has grown into the choice of many of America’s most sophisticated and complex single-employer, multi-employer, and governmental employee benefit plans. Every Encore Fiduciary professional represents our distinctive brand of relentless dedication and expertise to protect America’s benefit plans.

Sign Up for our Weekly Plan Sponsor Fiduciary Responsibility Newsletter